- AUD/USD bulls facing pressure as the US dollar firms.
- The Tokyo flows are moving into a cheaper US dollar.
As per the pre-open analysis at the start of this week, AUD/USD Price Analysis: Bulls move into a critical area on H4 charts, eye a run to the 0.7250/60s the bulls have been trying to stay with the course as illustrated, but Tokyo flows are buying the greenback:
DXY H1 chart
AUD/USD pre-open and NY analysis
It was explained that the price had been respecting the support structures ''in its pursuit of the price imbalance between recent highs and the May 4 highs at 0.7266. The price would be expected to mitigate this area of imbalance with relative ease.''
New York trade:
AUD/USD live market
Progress was being made from support but flows in Tokyo are bucking the trend.
From a lower time frame perspective, the hourly chart, the support is coming under pressure at the time of writing:
If the support fails to hold, the upside bias, for the near term will be jeopardised.
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